MINT : Limited Downside from Recession in Europe

MINT : 3Q22 Earnings Beat Our and Consensus Estimates

Minor International (MINT): The Best Stock for Thai Tourism Recovery?

MINT : Expect to Post Profit for the First Time Since Pandemic Began

MINT: Hotel Segment’s Recovery Will Boost 2022 Growth

MINT : Continue to Deliver Solid Earnings in 2H22

Thai Equity - Bottom-up - Equities, Pi Securities PCL, Thailand

Pi Research

Thai Equity - Bottom-up - Equities

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Note: Effective on 1 March 2022, Country Group Securities PCL changed its name to Pi Securities

Equity Bottom-Up

<ul>
<li>We believe a 17%QTD correction in stock price create opportunity for investor to accumulate as it has substantially priced in potential impact from surging utility cost as a consequence </li>
<li>Increasing room rate should cover up the impact According to the management, utility cost accounted for around 5% of the company’s operating expense for hospitality business.</li>
<li>Expect 2H22 hotel operation to improve gradually The company’s hospitality business should continue to gain benefit from pent-up demand in Europe in 3Q22 before entering winter season in 4Q22.</li>
</ul>


We believe a 17%QTD correction in stock price create opportunity for investor to accumulate as it has substantially priced in potential impact from surging utility cost as a consequence 
Increasing room rate should cover up the impact According to the management, utility cost accounted for around 5% of the company’s operating expense for hospitality business.
Expect 2H22 hotel operation to improve gradually The company’s hospitality business should continue to gain benefit from pent-up demand in Europe in 3Q22 before entering winter season in 4Q22.


MINT : Concern over Surging Utility Price in EU Has Priced In’’